BSE: 544308
Hilltone Software and Gases Lt
Sells industrial gases, heat exchangers, and software. The Industrial Gases line currently handles Oxygen and Nitrogen and is moving from third-party trading into in-house bottling of Argon and Carbon Dioxide, backed by 19 KL and 20 KL liquid storage tanks, around 500 new cylinders, and a truck-mounted bulk liquid tank. An Engineering/Heat Exchanger segment was introduced in FY26 and brought in ₹8.6823 crore of revenue, outpacing the traditional Gases segment at ₹5.5388 crore and the Software segment at ₹0.507 crore. Total FY26 revenue stood at ₹14.7281 crore, up 95.7% from ₹752.49 lakhs in FY25, and the company turned around to a ₹0.1361 crore net profit from a loss the year before. Capital expenditure ran at 29.1% of revenue, reflecting active expansion, partly funded by a ₹9.89 crore preferential allotment in late 2025 that split ₹2.16 crore to Gases, ₹5.56 crore to Engineering, and ₹1.16 crore to Software. Recent software wins include a Joget platform licence renewal worth ₹43.89 lakhs from a subsidiary of a large Indian bank and a US$25,000 migration contract from US health insurer Versante Health. The board has also given in-principle approval to take roughly 5% in Singapore-based Rzolut Technologies, a KYC and compliance data startup. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Industrial Gases, Engineering / Heat Exchangers, Software. Small, multi-vertical operation spanning industrial gases, heat exchanger engineering, and software, currently in a heavy capex-led expansion phase
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY25 | FY26 |
|---|---|---|
| Revenue | 8 | 15 |
| EBITDA (ex other income) | (0) | 0 |
| margin % | (2.8) | 2.3 |
| Owners' profit | (0) | 0 |
| EPS, as reported (₹) | 0.28 | 0.12 |
| ROE % · ROCE % | (1.1) · 2.2 | 0.6 · 0.6 |
| Debt / equity (x) | 0.03 | 0.07 |
| Cash from operations | 1 | (4) |
| Capex | (2) | (4) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|
| Revenue | 1 | 2 | 2 | 3 | 7 | 2 |
| Profit before tax | 0 | (0) | (0) | (1) | 1 | (0) |
| Net profit | 0 | (0) | (0) | (1) | 1 | (0) |
| EPS (₹) | 0.09 | 0.86 | (0.16) | (0.06) | 0.75 | (0.02) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Sales of Gases | 8 | 57.7 |
| Engineering Department | 6 | 38.9 |
| Sales of Software | 1 | 3.4 |
| Total, before eliminations | 15 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LINDE INDIA LIMITED | 48,100 | 88.0 | 11.27 | 51.8 | 12.9 | 14.8 | — | 29.7 |
| ELLENBARRIE INDUS GASES L | 4,469 | 37.0 | 4.57 | — | 10.7 | 12.2 | — | 55.4 |
| STALLION IND FLUOROCHEM L | 2,140 | 32.0 | 3.14 | — | 6.4 | 8.7 | — | 20.8 |
| Hilltone Software and Gases Lt ◆ | 53 | 79.4 | 2.29 | — | 0.6 | (0.4) | — | (3.5) |
| NATIONAL OXYGEN LTD. | 29 | 15.9 | — | — | (30.1) | 10.1 | — | (18.9) |
| GAGAN GASES LTD. | 9 | 37.0 | 2.72 | — | 4.0 | 4.7 | — | 10.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 79.4 | 21.2 | 178 of 197 | 10% |
| P/B | 2.3 | 2.1 | 106 of 202 | 48% |
| ROCE | (0.4) | 8.1 | 192 of 220 | 13% |
| ROE | 0.6 | 7.3 | 169 of 202 | 16% |
| Debt / Equity | 0.1 | 0.2 | 78 of 202 | 62% |
| EBITDA margin | (3.5) | 14.0 | 193 of 201 | 4% |
| Revenue growth | 14.5 | 17.2 | 108 of 194 | 45% |
| Profit growth | 43.0 | 41.9 | 100 of 202 | 51% |
| Market cap | 53 | 384 | 166 of 225 | 26% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Compliance certificate on share dematerialisation for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from 1 July for Q2 results | compliance | minimal | — | — |
| 25 Sept 2026 · New Articles of Association adopted at AGM with changes to Managing Director provisions | general | medium | — | — |
| 25 Sept 2026 · 33rd AGM results - all 4 resolutions passed unanimously | board shareholder meetings | low | — | — |
| 25 Sept 2026 · 33rd AGM held; new Articles and Independent Director approved | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Hilltone Software and Gases appoints Bhupeshbhai Patel as Independent Director | management changes | medium | — | — |
| 3 Sept 2026 · Newspaper ad published for 33rd Annual General Meeting | compliance | minimal | — | — |
| 2 Sept 2026 · Book closure from Sept 17 to Sept 25 for 33rd AGM | board shareholder meetings | low | — | — |
| 2 Sept 2026 · 33rd AGM of Hilltone Software and Gases on 25 September 2026 | board shareholder meetings | low | — | — |
| 2 Sept 2026 · FY25-26 annual report and 33rd AGM notice submitted | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.